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Poor Credit Mortgage Loan Basics

Because of easy credit and a bad economy many Americans have poor credit. You may be dealing with bad credit yourself. Luckily purchasing a home is still within reach.

Top Recommended Companies To Refinance With:
(updated ):

Act Now! Lower your monthly mortgage payment!     - Competitive rates and no hidden fees
    - Bad Credit OK
    - New Purchases, Home Equity & Refinance
    - One dedicated mortgage banker from first call to closing
    - Quick Application with worthwhile results

If you are looking for a mortgage loan but have "less than perfect credit" this company has options for people with credit problems. Complete a short form and get one dedicated mortgage banker from first call to closing with a simple, straightforward process.

Mortgage rates are still low. Refinance & Lower Your Payment!
    - Get Started on a Lower Payment Now!
    - America's #1 Online Lender
    - Save More and Spend Less!
    - No Obligation and Free Expert Advice

Another Great "bad-credit" Mortgage Company! QuickenLoans is also a competitive mortgage company for people with all types of credit including poor credit. Refinance or get new mortgage offers from this reputable Web based mortgage lender.

According to a new study that was just released by Freddie Mac, one-third of low and middle-income consumers are currently using their credit cards to pay basic living expenses. And for many, that will begin the descent into bad credit.

When applying for bad credit mortgage loan, make sure you are current on your existing credit lines. You will want your current credit to be as good as possible.

Also, make sure to include all the income you have. If you have any equity in any stocks or other financial accounts, make sure to mention that to the broker also.

The more money you can put down on the loan, the more likely it is that you can get approved. FHA loans usually only require 3-5% down. They are also usually open to working with people with credit problems.

Unfortunately, bad credit is a gift that keeps on giving each and every time you apply for a loan. And a mortgage is no exception. However, you don't have to be a victim of your credit history when you apply for a mortgage because of something called a subprime loan. These are mortgages made to a borrower with bad credit or little or no credit history who would otherwise be unable to obtain one.

Here's how they work. A prime or conventional mortgage is considered a grade A risk loan. Therefore, subprime mortgage loans are generally categorized into A, B, C and D grade risk loans. The individual lender establishes the guidelines that determine the parameters of each grade. However, the basic principle in assigning risk grades is the greater the problems are with your credit history, the higher the risk of delinquency, default and loss, the greater the chance that you will be assigned to the highest risk grades like C and D.

Despite all of this, subprime customers donít have to settle for the first lender that will provide credit. The increased competition within the subprime market has resulted in putting borrowers more in control of lending process. This control manifests itself in the ability to shop around for the most competitive rates. In addition, technology has given lenders automated underwriting and scoring tools that help in pricing loans and predicting defaults, which increases a lenderís capacity to provide more loans with attractive rates.


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